Petroleum coke is a byproduct of the oil refining process. It refers to all types of carbonaceous solids obtained in petroleum processing, which includes green or raw, calcined and needle petroleum coke. This mineral is used in many applications, including an electric power plant, cement kilns, electrodes and anodes. It is also used as a fuel in the metal and brick industries. Fuel grade petroleum coke is typically very high in heating value (BTUs per pound), and it produces no ash when burned.

There are at least 4 types of petroleum coke, namely, needle coke, sponge coke, honeycomb coke and shot coke. The four types of petroleum coke have different microstructures due to differences in operating variables and the nature of feedstock.

• Cost Insurance and Freight (CIF): The seller handles everything from loading the vessel, paying for insurance and shipping the product to the country the buyer wants it delivered.
• Freight On Board (FOB): The seller is responsible for handling the transportation of the goods to the port of shipment and loading cost. Once the goods are loaded on the ship, all liabilities transfer to the buyer. Liabilities like unloading, insurance, marine freight transport and transporting products to its destination.
• Tanker Take Over (TTO): The buyer takes over the hiring of a loaded tanker along with the product it contains.
• Tanker To Tanker (TTT): The buyer hires his vessel and uses the same to purchase products from the seller.